Contactless Payment Market Worth to cross USD 3762.3 MN By 2027
Posted On April 09, 2021
The Global Contactless Payment Market value is expected to grow by an impressive 20% of CAGR during the forecast period of 2021 to 2027. The market can grow to USD 3762.3 MN by 2027 as per the report by Value Market Research. The increased adoption of digital payments worldwide with reduced transaction time and minimal operating costs is the key driving factor for the contactless payment market. Major financial institutions, multinational corporations, and telecom operators supporting this payment mode will benefit market growth. The booming hospitality and retail sectors will enable a steady increase in the market. Contactless payments being more hygienic than other modes will favor this market's development, especially during pandemics like the COVID-19. The introduction of upmarket contactless smartcards like metal cards will provide lucrative opportunities for market growth. The rapid proliferation of smartphones, wearable devices among the youth, and blockchain technologies will be a market booster. The high risk of fraudulent activity and lack of acceptance are few restraints of the market.
Contactless payment is a mode for making secure payments using credit cards, debit cards, key fobs, smart cards, smartphones, and other mobile devices incorporated with radio-frequency identification or near field communication technology. Here payment is made by tapping the card near a point-of-sale terminal equipped with contactless payment technology. The transaction sizes on such cards are generally limited. Contactless payment is more secure than using regular payment cards. The retail sector is the central frontrunner in the use of this mode of payment.
The detailed research study "Global Contactless Payment Market Report By Device (Smartphones And Wearables, Point-Of-Sales Terminals, Smart Cards), By Solution (Payment Terminal Solution, Transaction Management, Security And Fraud Management, Hosted Point-Of-Sales, Analytics), By Application (Retail, Transportation, Healthcare, Hospitality, Government) And By Regions - Industry Trends, Size, Share, Growth, Estimation And Forecast, 2021-2027" assists in understanding the market dynamics with qualitative as well as quantitative data.
On the basis of device the market is segmented into Smartphones and Wearables, Point-of-Sales Terminals, Smart Cards. By solution the contactless payment market is categorised as Payment Terminal Solution, Transaction Management, Security and Fraud Management, Hosted Point-of-Sales, Analytics. By application the contactless payment market is categorised as Retail, Transportation, Healthcare, Hospitality, Government. The regions covered in the market study are North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. This section throws light on the geographical spread of revenue and/or volume of the contactless payment market.
The Report Segments Global Contactless Payment Market -
- Smartphones and Wearables
- Point-of-Sales Terminals
- Smart Cards
- Payment Terminal Solution
- Transaction Management
- Security and Fraud Management
- Hosted Point-of-Sales
- North America
- The Asia Pacific
- Latin America
- The Middle East and Africa
Players Profiled In the Report:
Gemalto, Heartland Payment Systems, Inc., Visa Inc., Verifone, Giesecke & Devrient GmbH, Ingenico Group SA, IDEMIA, Wirecard AG., On Track Innovations Ltd., and Thales Group.
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